Finally I got the answer. Here the correct PHP code to decrypt the VB.NET encryption above:
function unpad($value)
{
$blockSize = mcrypt_get_block_size(MCRYPT_RIJNDAEL_128, MCRYPT_MODE_CBC);
$packing = ord($value[strlen($value) - 1]);
if($packing && $packing < $blockSize)
{
for($P = strlen($value) - 1; $P >= strlen($value) - $packing; $P--)
{
if(ord($value{$P}) != $packing)
{
$packing = 0;
}
}
}
return substr($value, 0, strlen($value) - $packing);
}
function decrypt($text) {
$key= mb_convert_encoding("12345678","ucs-2LE");
$iv= mb_convert_encoding("12345678","ucs-2LE");
return unpad(mcrypt_decrypt(MCRYPT_RIJNDAEL_128, $key, $text, MCRYPT_MODE_CBC, $iv));
}